How to turn your store into a financial hub

Anyone who owns or manages a retail space knows that competition in the industry is cutthroat. While doubling down on unique products and services is one way to attract foot traffic, it also pays to enhance the overall customer experience. 

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One way to enhance the overall customer experience is to turn a store into a financial hub. This means letting customers go to a store and completing cash transactions, digital payments, and even credit approvals.
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Why a financial hub?

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Many Filipino neighborhoods do not have quick and easy access to banks. This is an especially pronounced problem when it comes to the number of the country’s unbanked. For many of these people, something as simple as paying for their light bill or sending money to a loved one in another town means standing in long lines and losing precious time. 

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A study by think tank CGAP found that retail stores have great potential as agents of financial inclusion, especially in countries experiencing both increasing retail market consolidation and a high unbanked population. This is because of their convenient locations and strong customer relationships.In Mexico, pharmacies and supermarkets have begun to offer bill payments, remittances, and even credit card services. 
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How to do it

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To turn your store into a financial hub, identify the financial services that are essential to your store’s customers. Start with e-wallet cash-ins and cash-outs, bill payments, mobile load, and even remittances or bank transfers, depending on your area. Partner with reliable fintech or payment providers that support retail outlets and offer fair commissions, system access, and good after-sales support. For efficiency, consider installing a self-service payment kiosk so customers can transact independently, freeing up staff to focus on other things.

Then when services are in place, promote them with posters, social media announcements, and small promos to attract attention and build usage. Over time, track which services are most used, gather customer feedback, and look for ways to improve or expand your offerings. Many retailers in the Philippines cut through the process by partnering with eTap Solutions. The company’s self-service payment kiosks offer shoppers in groceries, pharmacies, bakeries, and more a wide array of financial services from e-wallet top-ups to bill payments.

eTap Solutions also provides hands-on support from the onboarding stage (installing the machines in store partner branches) to taking care of customer support and routine machine maintenance. 
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Business benefits

Turning your store into a financial hub doesn’t just serve the community — it’s also a smart business move. Offering financial services can significantly increase foot traffic, as customers who come in to pay bills or top up their e-wallets are likely to make additional purchases.

Plus, many fintech partners promote their retail partners through apps or marketing campaigns, giving your store greater visibility and credibility in the market.

All in all, there are numerous advantages to turning your retail store into a one-stop shop for handy financial transactions. This is especially true when catering to a heavily unbanked market.

By offering essential services where people already shop, your business makes financial access more convenient, trusted, and part of everyday life.


Article by Pancho Dizon
Graphic by Javi Acosta

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